2023-09-12 16:34:00
Four jewelers from New Jersey and one from Long Island, New York, were accused by federal agents of laundering $673 million through illicit operations over the past four years. announced NJ Federal Attorney Philip R. Sellinger.
The suspects are jewelers from the famous “Diamond District” of Manhattan. They were identified as Raj Vaidya (26), Rakesh Vaidya (51), Shrey Vaidya (23) and Neel Patel (26), all residents of Edison (NJ); and Youssef Janfar, aka “Joe Rodeo,” 57, of Great Neck, NY.
The four detainees from New Jersey operated a series of alleged diamond, gold and jewelry companies in Manhattan, including Arya Diamond Jewelery USA Inc., which did business as “Karats & Carats,” said prosecutor Sellinger.
Other operations were identified in court documents as Diamspark LGD LLC, Royal Diamonds LLC, Raj Gold and Diamond LLC, Royal Arya Jewelery Inc and Raj Gold and Diamond Inc. Janfar also allegedly operated Rodeo of NY, under the name “Sarah Jewels,” among other alleged facades, he highlighted Daily Voice.
The defendants used the operations as front to launder hundreds of millions of dollars in illegal financial transactions for clients – including converting cash into checks or wire transfers – in exchange for substantial commission fees, Sellinger complaint.
The prosecutor did not identify the clients, although he did indicate that The DEA and Homeland Security Investigations (HSI) partnered with the IRS to bring the case.
“None of their companies were registered as money transfer businesses in New York, New Jersey or the Financial Crimes Enforcement Network,” the US attorney added.
All charges are mere accusations and those charged are presumed innocent until proven guilty in court.
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